Chicago City Wire

Former state university employee Larry Salzmann, who retired in September 2016, saved $164,738 toward a pension over 15 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Salzmann would collect as much as $2.76 million, according to a projection by Local Government Information Services (LGIS), which publishes Chicago City Wire.

The projection assumes Salzmann received $57,998 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Salzmann will have already received $179,266 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.